New Online Buying and Selling of Real Estate to be launched in Vanuatu

February 27, 2023 11:01 pm | Posted in Business News | Share now TwitterFacebook

The owner and principal of Waterfront Real Estate Vanuatu, Francesca Grillo has invited individuals to attend a free and informative event on March 1, 2023, at the premises of YumiWork to learn more about the process involved in selling and buying properties online. The event is the launching of Enable South Pacific – ESP

The event will cover topics such as the Lease Title, other property documents necessary for the sale and purchase, the role of the Real Estate Agent in the transaction, and the new ESP online portal, which will help both vendors and purchasers. A ni-Vanuatu Sales Agent will be available to assist and answer
questions in Bislama.

The ESP portal was created to facilitate online real estate transactions on the internet for both the Waterfront Real Estate agency and the parties involved. By providing online guidance and tools, the aim is to make it easier for a wider range of owners and buyers to access their services, and complete most of the required steps online from their home. The portal collects all the necessary information and documents to comply with the Anti Money Laundering and Counter Terrorism Financing legislation, and to speed up the conveyancing process. The information provided is confidential and disclosed only to the entities and authorities as prescribed by law. Vendors can collect and properly store their property documents online, and purchasers who have subscribed to the ESP portal can access the documents of up to 5 properties they are interested in buying.

The portal is connected to the Waterfront Real Estate agency website, and when a buyer finds a property they like, they can identify the property by its ID# on the ESP portal and will have access to the property documents that would normally be available to the public through a search at the Land Records, provided
they have subscribed to the ESP. This is an advantage for purchasers as they can provide their lawyer with most of the relevant property documents to speed up the due diligence and legal advice on the transaction. The ESP portal aims to facilitate and make real estate deals more accessible, especially for people who may feel hesitant about approaching an agency or a lawyer, and to create an online platform that can help streamline the administrative procedures around a real estate transaction, improving efficiency and encouraging proper legal representation.

The Principal owner of Waterfront Real Estate and the ESP Portal, advised that it has taken 18 months working with another developer for the portal to be developed and believes it will speed up the closing of a property deal, while ensuring proper legal representation and advice, and allow purchasers to have
access to relevant property documents. The objective is to encourage any ni-Vanuatu who may be thinking of selling a property, but is worried about the stress, technicalities, risks, and time involved
in the process, to participate in utilising the portal.